​OCEANTEAM ASA - UPDATE ON GOING CONCERN ISSUES

Mar 20 2018

With reference to the recent press releases of Oceanteam ASA ("Oceanteam" or the "Company") as referred to below, the Oceanteam Board presents an update on various going concern issues and the envisaged actions;

Due to lingering discussions with the Company's banks SMN, DVB and NIBC to resolve a short term and a more structural dividend flow from cash accumulated within its vessel owning subsidiaries, Oceanteam's board of directors has decided to initiate precautionary action which includes but is not limited to a restructuring of the Company's capital structure.

At present, close to USD 10 million is accumulated in joint venture companies of which Oceanteam owns a 50% share. A significant part was foreseen to be free liquidity which is currently blocked by the Company's banks.

Together with external advisors, the Board is preparing to call for a Bondholders Meeting and an associated Extraordinary General Meeting including a proposal for an extensive debt for equity swap.

By the same occasion, in addition other proposals will be presented to the shareholders such as the appointment of a new auditor, eventual changes to the board of directors, a cross border merger and the issue of new equity.

In parallel, the Company filed two appeals in a Minority Shareholders Investigation for which it awaits the verdicts of the court and is preparing a response to the FSA letter dated 13 March 2018.

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.